Pictures that will refresh your memory and make you feel proud.
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54 Iconic Photographs That Defined India In These Last Hundred Years
There have been a whole lot of historic landmarks that we, as a country, have been through in the last century or so. But how many of them can we actually recall accurately? How many of them are we even aware of? All said and done, India has had a magnificent past, and while we eagerly wait for what the future hasa in store for us, we should definitely spare a moment to celebrate our country's glory.
P.S- Some of these images are over a century old, and aren't as clear as some of the latest ones. Apologies in advance.
1. Rabindranath Tagore wins the Nobel Prize for Literature - 10th December, 1913.
2. The first Indian movie ever, Dadasaheb Phalke's Raja Harishchandra releases on 3rd May, 1913.
3. CV Raman accepts the Nobel Prize for Physics, 10th December, 1930.
4. Mahatma Gandhi's statue inaugurated at Madame Tussaud's, 1939.
5. Hindustan Motors begins production of the first car. They were India's first car manufacturer in 1942.
6. History created. Jawaharlal Nehru declares India as a free country, 15th August, 1947.
His first speech to free Indians in Independent India.
7. Father of the nation, Mahatma Gandhi assassinated on January 30th, 1948.
8. India's first President, Dr Rajendra Prasad, is the last to sign the Constitution and India is born as a Republic 2 days later on 26th January, 1950.
9. Millions of voters turn out as India holds its first general elections in 1951.
10. India hosts the first Asian Games, 4th March, 1951.
NEW DELHI, SEPT 25, 2015: THE issue before the Bench is - Whether it is fair on part of AO to treat opening debit balance in books as loan and every payment made thereafter is to be treated as repayment of loan. NO is the answer.
Facts of the case
The assessee is a shareholder of Dhir International Private Limited having substantial interest of more than 20%. AO held that during the AY in question the Assessee had received certain amounts from DIPL totalling Rs.45,36,024. The AO treated the sum as deemed dividend u/s 2(22)(e). The Assessee's appeal was dismissed by CIT(A). On further appeal before ITAT, the case of assessee was that none of the amounts received by him was in the nature of loan or advance. The ITAT examined the account of the Assessee titled as 'Harsh Dhir Loan Ledger Account' in the books of DIPL. It was pointed out before the ITAT that all transactions noted in the account were in respect of cheque discounting by assessee through DIPL. It was explained that DIPL had a facility of discounting the cheque with the bank and, therefore, the Assessee issued cheque in the name of the DIPL and they paid a similar account to assessee and got the cheque discounted through the bank. The explanation offered by the Assessee that for each and every transaction a contra entry was made immediately within a few days except in two of the cases where DIPL delayed the deposit of Assessee's cheque with their bank, was accepted by the ITAT. The addition made by the AO in the sum of Rs.45,36,024 was reduced to Rs.1 lakh which sum alone was held to be in the nature of a loan or advance so as to be treated as deemed dividend u/s 2(22)(e).
Held that,
++ the Court is unable to accept the above submission. The AO has simply proceeded on the assumption that since there is an opening debit balance in the account, it should be treated as an outstanding loan and that every payment thereafter made by the Assessee to DIPL should be taken to be in the nature of repayment of the loan. The stand of the Assessee that the opening debit balance cannot be treated as a starting point for considering the nature of the payments made during the year finds support in the decision of HC of Madras in Sunil Kapoor v. Commissioner of Income Tax 2015-TIOL-697-HC-MAD-IT. One of the questions considered by the Madras High Court in the said decision was whether the Tribunal in that case was right in not taking into consideration the opening balance in the Assessee's loan account as a starting point of the transactions carried on during the year. The High Court answered the question in the affirmative holding that it is only the relevant entries during the year in question that had to be looked into and that only those amounts paid to the Assessee by the company during the relevant year, less the amount repaid by the Assessee in the same year, should be deemed to be dividend. Consequently, the Court finds no legal infirmity in the order of the ITAT. No substantial question of law arises for determination by the Court. The appeal is dismissed.
(See 2015-TIOL-2238-HC-DEL-IT)
GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Place of removal crucial determinative factor for purpose of valuation of goods : CCE v. Emco Ltd. p. 321
F Exception craved out in Notification dated May 19, 2000 to apply prospectively : Jaswal Neco Ltd. v. Commissioner of Customs p. 365
F Where provisional and final assessment made prior to introduction of provision for levy of interest, interest not chargeable : Jaswal Neco Ltd. v. Commissioner of Customs p. 365
F Failure to fulfil export obligation due to market condition, penalty not imposable : Jaswal Neco Ltd. v. Commissioner of Customs p. 365
F Anti-dumping, a separate levy from customs duty and cannot be included in calculating special customs duty and special additional duty : Jaswal Neco Ltd. v. Commissioner of Customs p. 365
F Inordinate unexplained delay of 1,409 days not condoned : V. K. Palappa Nadar Firm v. CESTAT (Mad) p. 334
F Whether exemption on inputs not available if final product exempt not considered by adjudicating authority, matter remanded : CCE v. Sundaram Clayton Ltd. (Mad) p. 356
F Commissioner (Appeals) cannot condone delay in filing appeal beyond stipulated period : Saradha Travels v. CST (Mad) p. 362
F Commissioner of Customs competent authority under customs law to entertain refund claims even from units in special economic zones : Anita Exports v. Union of India (Guj) p. 386
F Where outstanding stock as declared in register verified and accepted by Department, claim of duty terming stock as loose not justified : CCE v. Monitex Dye Prints (Bom) p. 407
F Doctrine of merger : Where adjudicating order set aside by appellate authority in appeal by assesse, appeal by Department on same issue cannot be entertained : CCE v. Indian Humes and Pipe Co. Ltd. (Mad) p. 411
F Goods manufactured by two units bearing one brand name belonging to one of them, not entitled to small-scale exemption : Deep Engineering Works v. CCE (Trib.-Mum) p. 396
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